Become a Capital Markets &
Securities Analyst (CMSA)®

Master Capital Markets knowledge and skills and stand out as a certified professional

39 hands-on courses, with 15 required to earn the CMSA certification
Skills: Fixed Income, Equities, Foreign Exchange, Commodities, Derivatives, Analytical Methodologies, and more
Career paths: Sales and Trading, Asset and Portfolio Management, Wealth Management, Risk Management, Treasury, and more

CMSA® at a Glance

CFI’s Capital Markets & Securities Analyst (CMSA®) Certification Program will teach you the essential skills for successful careers in both the buy-side and sell-side of the capital markets. A deep understanding of financial instruments, securities, markets, and analytical methodologies is crucial for making informed investment decisions, managing risk, and optimizing returns in a complex global investment landscape.

The CMSA® program offers guided, hands-on courses that cover various asset classes, including fixed income, foreign exchange, commodities, equities, and derivatives. With self-paced, immersive, and interactive lessons, you will gain an inside track to begin or advance your career in the capital markets.

Taught by market professionals, the program’s extensive curriculum focuses on real-world applications and prepares learners for roles within top firms in Sales and Trading, Asset Management, Treasury, Research, Wealth Management, Risk Management, and Origination.

Program Overview

41 courses

Consisting of over 2170+ lessons

240+ interactive exercises

Learn by doing with guided simulations

Expert instructors

Learn from the very best

New courses monthly

On need-to-know subject matter

Blockchain certificate

To verify your skills

500,000+ 5 star ratings

Best-in-class training, as rated by you

How the CMSA® Program Works*

Step 1: Prep Courses Optional

To prepare for the program, take our 6 optional prep courses to learn or review the fundamentals.

See All Prep Courses

Step 2: Core Courses

Complete 8 core courses to build a strong foundation in capital markets and securities.

See All Core Courses

Step 3: Elective Courses

Choose a minimum of 7 electives (out of 25 available) to explore more advanced topics and specialized subjects.

See All Elective Courses

Step 4: Case Study Challenges Optional

These case study challenges allow you to apply your knowledge and skills by solving real-world problems.

See All Case Study Challenges

Step 5: Final Exam

After completing the required courses, take the CMSA® final exam (with a minimum passing grade of 70%) to earn your program certification.

Step 6: Get CMSA® Certified

Congratulations! Upon completion of the program, you will receive a block-chain digital certificate with your new credentials. You also have the option to order a physical certificate to be mailed to your door.

CMSA® Skill Categories & Learning Objectives

Taught by Industry Experts

Andrew Loo

Andrew is VP, Capital Markets at CFI. Prior to joining CFI in 2019, Andrew retired in 2017 as Managing Director at Nomura Securities in Hong Kong, where he managed the fixed income sales efforts to Central Banks and Sovereign Wealth Funds in the region. Prior to joining Nomura in 2011, he was the Head of Sales for Fixed Income, Commodity and Currencies for UBS AG in Hong Kong.

Scott Powell

Scott is the Co-Founder and Chief Content Officer of CFI. Over the past 30 years, he has focused on designing and delivering learning solutions for clients in the financial services sector – particularly in the areas of commercial banking, investment banking, capital markets, and asset management. Some of the organizations Scott has worked with over his career include ATB Financial, Bank of America Merrill Lynch, BCI, Credit Suisse, Coast Capital Savings, Deutsche Bank, Glenview Capital, HSBC, ING, Intact Insurance, JP Morgan, Royal Bank of Scotland, TD and many others.

Tim Vipond

Tim is the Chair of the Board of CFI Education with an extensive background in entrepreneurship, financial analysis and investment banking. Since 2005, Tim has been an active participant in capital markets across a wide range of industries and transactions including mergers, acquisitions, divestitures, and capital raising totalling more than $3 billion in value.

Guy O’Loughnane

Guy is an experienced FX market practitioner with a long career trading in financial centres globally, including London, Zurich, Tokyo, Singapore and Hong Kong. He started his career with UBS in 1994, trading FX forwards before moving to Credit-Agricole-Indosuez and specializing in Japanese Yen forwards. He finished his career at Standard Chartered Bank in Hong Kong and Shanghai, where he was responsible for the Onshore FX Desk and Chinese Yuan Non-Deliverable Forwards trading. Guy has since retired from the markets in 2010 to and pursued further academic challenges.

Meeyeon Park

Meeyeon is currently the Manager of the Capital Markets and Securities Analysis program at CFI. Diversity is her specialty, as she brings previous experience in portfolio management, investment banking, as well as general corporate finance in industry to CFI. Her area of focus is designing and creating engaging content that will not only empower anyone and everyone curious about careers in capital markets, but also allow them to have fun along the way.

Paul North

Skilled in derivatives and capital markets, including post trade clearing and settlement, Paul North has over 32 years of experience working and teaching in the financial markets and derivatives industry. Paul was previously Head of Education at the London International Financial Futures and Options Exchange (LIFFE). He has extensive international experience training delegates from most of the world’s leading investment banks, funds, regulators, exchanges, commodity trading houses and central counterparties.

The CMSA® program has upskilled teams at:

Explore Your Career Options With The CMSA®

Sales and Trading

Institutional sales, market-making and risk-taking of Fixed Income, Equities, FX, Commodities and Financial Derivatives products.

Asset Management

Professional investment and portfolio management for institutional clients, such as pension funds, life insurance companies and mutual funds.

Wealth Management

Advising high net worth individuals and families on investments and planning.

Treasury

Forecasting and managing the working capital for corporations, as well as creating strategies to mitigate the company's financial risk.

Risk Management

Identify, analyze, develop and communicate a framework of risk processes for an organization.

Research

Both sell-side and buy-side roles providing bottom-up research coverage on companies as well as top-down macro strategy and economic research.

Origination

Sell-side roles advising organizations on their debt and equity options.

Trust Our CFI Certified Alumni on LinkedIn

Ihor Kukhar

Financial Modeling and...

Hey folks, After 6 months of studying, 19 courses, and over 900 lessons, I have finally completed Corporate Finance Institute® (CFI)’s Certification Program. I would definitely recommend it to anyone that is looking to get a deeper insight into Valuation,...

Stephen Moerane

Director Of Special Pr...

Today marks a very important milestone in my educational journey. I have been looking for a way to get into Finance but hadn't been able to identify a credential that would do the job without interrupting my work schedule. Thank...

German Rivera Per...

Corporate Finance Chief

After almost six months of courses, finally I have achieved the #FMVA ( Financial Modeling and Valuation Analyst) Certificate from Corporate Finance Institute® (CFI) . I want to thank Tim Vipond, FMVA® Scott Powell and all people from Corporate Finance...

Muhammad Heryanto...

Corporate Finance &...

I'm very grateful to finally earn my FMVA certification, after several months finishing up every module one-by-one.. Special thanks to Tim Vipond, FMVA®, Scott Powell, Jorge Marques, FMVA®, Lonny Coulombe, Antoine Bishara and all CFI team for such a great...

	Self-Study USD $497 / year	Full-Immersion USD $847 / year
On-demand Learning Experience
CFI's accredited certification programs
150+ courses, 5,000+ lessons and labs
300+ CPE credits
Guided case studies
Downloadable models, templates and guides
Quizzes, assignments, and certification exams
Digital blockchain verified certificate
Real-world Finance Tools
Macabacus productivity add-in, $300 value
Personalized model review and feedback
Resume and cover letter review
Access to an intelligent, AI-powered chat widget integrated into your course experience
	Self-Study USD $497 / year Enroll Now	Full-Immersion USD $847 / year Enroll Now

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Frequently Asked Questions

How long do I have to complete the course?

Take as much time as you need. You will have access to all courses and all future upgrades in your subscription. You can review the video lessons as many times as you like and complete the courses at a pace that is most convenient for you.

Are CFI courses verified?

CFI is accredited by the Better Business Bureau® (BBB) to maintain training standards, and by the CPA Institutions in Canada, and the National Association of State Boards of Accountancy (NASBA) in the US for CPE credits. You can find more information here.

Are there additional fees or costs?

None! The program tuition includes everything and there are no additional fees required to earn your digital certification.

What currency are your courses priced in?

All of our online courses and programs are priced in USD.

How do I earn my certificates?

You need to complete all the video lessons, quizzes, and final assessments in each course to earn your course certificates. The certificate will then be available on your learner dashboard and also emailed to you as soon as you have completed all of the requirements.

How are the exams conducted?

Learners are required to complete an online assessment (MCQ's, Fill-in-the-Blanks, and Excel Questions) at the end of each course. You can take the exams at your own schedule and will need to earn at least 80% to pass the course and earn your certificate of course completion. Please note that course exams can be repeated as many times as you need. Learners are also required to complete the CMSA® final exam to earn their certification. See here for more details on the CMSA® final exam

Can I email the instructor if I have questions?

While the courses are designed mainly for self-study, we are happy to provide email assistance for general or technical support inquiries. The Full Immersion bundles include a premium email support function which allows you to communicate directly with in-house experts in the area of study you are focusing on. This is one of the key features that sets the Full Immersion bundle apart and makes it a worthwhile upgrade over the more affordable self-study bundle.

Will these courses help me advanced my career?

Reviews from learners who have taken CFI courses and the CMSA® certification program include numerous stories about how people have been able to advance their careers. There is a proven track record of CFI graduates marking successful transitions into the careers of their dreams and this is based largely on the resources that we make available to our learners upon enrolment. Our training is designed to be fully practical and simulates the experience of being trained as a professional financial analyst. Additionally, we offer a wealth of information through our free career resources. The unique blend of all these elements is what sets us apart from other e-learning platforms when it comes to giving you all the tools you need to create a successful career in finance.